27.10.201606:30:00UTC+00Banks Lift European Shares Higher

European stocks traded flat as major banks lifted the financials and helped offset losses in oil-related stocks. The Pan-European STOXX 600 climbed 0.3 percent as defensive sectors that include healthcare and utilities gave the largest boost to the index.

The majority of the major bourses were in green territory as most sectors were higher. Banks jumped 0.5 percent as Deutsche Bank climbed 0.4 percent and reported profit in the third quarter. Barclays shares were up 2.3 percent and also posted an increase in bond trading revenue. The worst performing sector were basic resources declining by almost 0.4 percent. ABB fell to the bottom of the Stoxx 600. The Norwegian central bank left key rates unchanged at 0.5 percent.